Unilateral and Bilateral Contracts

The video tutorial explains the differences between bilateral and unilateral contracts. A bilateral contract involves a mutual exchange of promises, such as promising to pay for a service. In contrast, a unilateral contract involves a promise in exchange for an action, where acceptance occurs upon the commencement of the action. The tutorial emphasizes the importance of understanding these concepts for contract acceptance.

What is the primary focus of a bilateral contract?

• An action for a promise

• An action for an action

• A promise for a promise

• A promise for an action

In a bilateral contract, what constitutes acceptance?

• Receiving payment

• Completing the action

• Making a promise

• Starting the action

How does a unilateral contract differ from a bilateral contract?

• It requires a promise for a promise

• It requires mutual promises

• It requires action for acceptance

• It requires no acceptance

What signifies acceptance in a unilateral contract?

• Receiving payment

• Completing the action

• Starting the action

• Making a promise

When can an offer in a unilateral contract no longer be revoked?

• Once payment is received

• Once the action is started

• After the action is completed

• After a promise is made